Since its founding, the Ellensburg Rodeo Hall of Fame has conducted annual banquets on Thursday evening of Rodeo Weekend, selecting and honoring Inductees in the categories of (1) National Contestant; (2) Local Contestant; (3) Participant (clown, judge, announcer, trick rider, stock contractor etc.); (4) Volunteer Organizer; (5) Livestock; and (6) Pioneer Rodeo Family. Inductees are chosen only after careful research and consultation with multiple archives and local rodeo experts.

ERHOF has written a permanent biographical file for each of the Inductees, preserved their mementoes and artifacts, conducted membership drives, hosted annual fundraisers, and established a permanent museum fund. ERHOF publishes a bi-annual Pony Express Hall of Fame Newsletter and annual articles on Hall of Fame Inductees for the Ellensburg Daily Record, Pro Rodeo Sports News, The Ketch Pen (National Cowboy Hall of Fame), and regional newspapers. ERHOF has collected, stored, and displayed saddles and tack, memoirs, photographs, posters, jewelry, buckles, programs, costumes, books and magazines, ephemera, and other historical artifacts from the Ellensburg Rodeo donated by national competitors and local participants, organizers, and their families.

In 2018, ERHOF joined the Clymer Museum and Western Art Association to form the Western Culture and Art Center (WCAC). The three non-profits share the historic Ramsey Building (formerly Clymer Museum), 416 N. Pearl, in downtown Ellensburg. ERHOF stores its valuable collection of rodeo artifacts in the WCAC’s spacious upstairs, part of which is currently under renovation thanks to a Washington State Historic Preservation grant. ERHOF mounts permanent and recurrent rodeo history exhibits in the Western Culture and Art Center’s main floor galleries and windows and also displays its collection in the Ellensburg Rodeo headquarters and, during Labor Day weekend, the Ellensburg Rodeo’s Western Village.